Thai insurtech firm Gettgo raises $6.7m from parent Muang Thai Group

Muang Thai Broker, the operator of online insurance comparison firm Gettgo, has raised US$6.7 million from parent company Muang Thai Group Holding as it aims to reach US$33.3 million in insurance premiums in the next three years.

Muang Thai Broker managing director Tanat Jakrawatana / Photo credit: Gettgo

As part of its plans to reach this goal, Gettgo said it aims to add new products and insurance partners on its platform. It currently has seven partners, including Muang Thai Life Assurance, Muang Thai Insurance, Generali Thailand, Cigna Insurance, Falcon Insurance, Manulife Insurance, and Aetna.

Additionally, the company said it aims to further expand its platform by adding support for data-driven product recommendations for customers with different needs and profiles.

Lastly, Gettgo intends to launch a separate online insurance platform for insurance brokers to equip them with tools for shifting to online insurance sales.

“Over the past three years, Gettgo has rapidly grown in every aspect, which has been its targeted success,” said Muang Thai Broker managing director Tanat Jakrawatana, claiming that the company’s number of website users has increased since its inception from tens of thousands to millions.

Founded in 2018, Gettgo offers various insurance packages online, including those for travel, home, vehicles, and Covid-19. In the last quarter of last year, it added medical and life products to capitalize on the growing interest in health-related insurance policies.